Bank of India Forex Broker

Bank of India Review Summary Founded1906 Registered Country/RegionIndia RegulationNot regulated Market InstrumentsPersonal/Business Accounts, Forex, Loans, Investments, Agriculture Demo Account❌ Trading PlatformBOI Mobile Banking App, UPI, IMT Customer SupportDomestic Phone (India): 1800 103 1906 / 1800 220 229 (Toll-Free) / (022) 40919191 / WhatsApp: +91 7997987601 Email (India): cgro.boi@bankofindia.co.in NRI Helpline: +91 7969241100 / FEBO.NRI@bankofindia.co.in Head Office Address: Bank of India, Star House, C - 5, G Block, BKC, Bandra (E), Mumbai 400051Bank of India Information Founded in 1906, Bank of India is a government-owned bank offering personal, business, forex, investment, and agricultural services. While it supports digital tools like BOI Mobile App and UPI, it is not regulated for trading and lacks features such as leverage, spreads, and global market access.Pros and Cons ProsCons Wide range of personal and business servicesNot regulated as a trading broker Digital platforms like UPI, BOI Mobile AppNo leverage, spread, or CFD support NRI banking and agri-finance optionsLimited support for modern trading features and toolsIs Bank of India Legit? Bank of India is not regulated as a forex or CFD broker in its country of registration (India), and it is also not licensed by major global regulatory authorities such as the UK‘s FCA (Financial Conduct Authority), Australia’s ASIC (Australian Securities and Investments Commission), or Cypruss CySEC (Cyprus Securities and Exchange Commission). The domain bankofindia.co.in was registered on October 3, 2003, last updated on April 17, 2025, and is set to expire on October 3, 2026. Its status is protected against unauthorized changes, indicating it is securely managed.What Can I Trade on Bank of India? Bank of India offers a wide range of financial products and services across various segments including personal, business, NRI, agricultural, and investment banking. Its offerings span from savings and salary accounts to forex solutions, government deposit schemes, loans, and mutual fund investments. CategoryProducts/Services Offered Personal AccountsSavings Account, Salary Account, GPA Business AccountsCurrent Account, RERA Account ForexExport Finance, FX Retail, Special Rupee Vostro Account, Authorized Dealer Branches Investment & InsurancePPF, Sukanya Samriddhi, SCSS, NPS, Sovereign Gold Bonds, Mutual Funds, Insurance NRI ServicesNRI Savings Account, Term Deposit, Current Account, Loans, Remittance, KYC, FAQs AgricultureKisan Credit Card (KCC), Tractor Loans, Gold Loan, Food & Agro Loans, SHG, AtmanirbharAccount Types Bank of India offers several types of live accounts tailored to different customer segments, but does not provide demo or Islamic (swap-free) accounts. Account TypeSuitable For Savings AccountGeneral individuals and families Salary AccountWorking professionals GPA AccountTargeted user groups Current AccountBusiness owners and corporates RERA AccountReal estate developers NRI AccountsNon-resident Indians (NRIs)Bank of India Fees Bank of India's service charges are generally considered moderate compared to industry standards, offering basic banking services with minimal fees. For example, the first 25 cheque leaves annually for savings accounts are free, after which a charge of Rs. 5 per leaf applies.Trading Platform Trading PlatformSupported Available Devices Suitable for what kind of traders BOI Mobile Banking App✔iOS, AndroidRetail customers needing 24/7 account access, fund transfers, and services UPI Payment System✔Mobile, Web, AppsUsers preferring quick, VPA-based payments without needing bank details IMT (Instant Money Transfer)✔Mobile, Internet Banking, ATMUsers sending emergency cash or preferring cardless withdrawalsDeposit and Withdrawal Bank of India does not explicitly list deposit or withdrawal fees for most standard transactions, suggesting that many services such as UPI and internal transfers may be free. However, special transaction types like cheque services and IMT (Instant Money Transfer) might incur nominal charges. The bank has also implemented a Positive Pay System (PPS) to ensure the safety of high-value cheque transactions. Deposit MethodFeesProcessing Time UPI TransferNoneInstant Internet Banking (NEFT/RTGS)May applySame day / 1 working day IMPSMay applyInstant Cash Deposit at BranchMay applyInstant to few hours CDM (Cash Deposit Machine)Usually freeInstant